A bad credit history can severely reduce your options to not only borrow further, but may affect phone, utility company and tenancy contracts. Mortgages and even employment prospects may also be affected, as some employers are now checking prospective employees credit ratings!
CCJs,(County Court Judgements), late and defaulted payments as well as bankruptcy orders, will all show up on your credit history and will cause difficulty securing further credit. Also, any missed credit card payments, direct debits for utility bills, or similar obligations, could add another 'black mark' against your name on your credit file, that is very likely to cause you problems for you in the future. Here at Getoutofdebtfree, we understand what it feels like to be in debt and have a poor credit history, because everyone who contributes to the site has been in debt at one time or another and has successfully overcome the situation, using the information contained on this site.
Yes, is the short answer. There are basically two ways to repair your credit. On the practical level you can have an A-rated credit report within a year or so of even bankruptcy. Why? Because lenders are much more interested in your present circumstances than what happened to you 3 to 10 years ago. Rebuilding your credit can be done rather quickly through a systematic plan, and a little perseverance. Keep in mind that positive credit information stays on your credit report forever and negative information for six years, at the most.
Very often, people are unaware of any problems until they apply for credit and are refused. The refusal will also leave a footprint on your file and too many of these can make the problem worse. Usually, the only means of credit available to borrowers with poor credit ratings are at very high rates of interest, so repairing your credit is usually a very high priority for most people. This is where Getoutofdebtfree can help you.
You are likely to be very surprised, just how quickly this process can take, even after quite serious defaults.
You can challenge your credit rating on a number of areas. You can show them the tacit contract demonstrating that the debt was never verified, if you used the Getoutofdebtfree three letters procedure on your creditor.
Challenging your credit file entries can be effective because the credit agencies are often too busy to re-verify the item you challenged within the time limit and therefore will remove it. Also, because of human error, correct information can be inadvertently deleted.
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